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Beijing wants to be a global hub for blockchain and DLT technology innovations

July 1, 2020

The Beijing city government announced an impressive action plan to accelerate the development and deployment of Distributed Ledger Technologies (DLT). and make Beijing the national and world capital of blockchain.

According to an announcement published on July 1, the plan “theoretical innovation, technological progress, […] Talent Promotion “and” Creating New Economic Growth “.

The government will continue to fund the plan throughout its development.

Beijing plans to host unicorn companies

Beijing wants to be a global hub for blockchain and DLT technology innovationsBeijing wants to be a global hub for blockchain and DLT technology innovations

He Beijing 2020-2022 Action Plan for Development and Innovation of Blockchain Technology indicates the intention the city has establish themselves as world market leaders both in innovations related to private blockchain technology and in the development of DLT technology by the end of next year.

Promote a good business climate for the innovation of this technology It is cited as one of the main objectives of the plan, including “developing a group of unicorn companies”.

To promote innovation, the city becomes one “Development and innovation base for the blockchain industry” It will cover the main districts of the city.

Beijing is also planning Promote the setting of practice standards for the sector of this branch.

The city hopes to “promote a group of unicorn companies and leading companies with global influence” through its initiatives.

They will also set up blockchain technology research institutes

The plan includes initiatives to support research in key areas of DLT technology – including the crypto industry, high-performance computing, and chip technology.

The aforementioned research and development institute will work closely with existing research institutions and universities in China. It will also be responsible for investigating the “performance, security, privacy, scalability, and authenticity of data” of DLT platforms.

The list of studies includes “network models, consensus mechanisms, distributed storage systems, zero-knowledge tests, secure multi-party computing, cross-chain protocols, intelligent contracts, chained collaboration chains and regulatory technology”.

Beijing will apply blockchain technology to the public administration system

The government of The city also wants to “encourage research institutions, universities and businesses” to build […] Blockchain platforms “and contribute to the creation of an” independent, controllable and underlying open source technology platform “.

In addition to promoting private innovations The plan describes numerous public applications for DLT technology, between them the development of a blockchain-based directory system, a digital identity platform, a state data exchange platform and uniform applications for social loans; All of them are able to interact in crossed chains.

Wait too “Promotion of data exchange [y] business cooperation in the public service “ in all departments and regions by creating a “common infrastructure for government services” based on a blockchain platform.

“We will be the first to focus on real estate registration [y] on uniform electronic invoices in finance and auditing, “added the announcement, Emphasize the cost reduction and efficiency savings that solutions based on DLT technology offer.

Beijing will also invest in traceability projects Promotion of public security, inter alia, in relation to “food, hazardous waste, emergency equipment, rescue funds” and medical records.